Doctorate in Psychology: Is It Worth It?

Doctorate in Psychology: Is It Worth It?

Choosing to earn a Doctorate in Psychology is a big commitment – and one that isn’t necessarily for everyone. According to a report from the 2010 Council of Graduate Schools, only 65 percent of doctoral psychology students finish their degree program. The other 35 percent drop out for a variety of reasons – bad program fit, lack of financial resources, time constraints, program difficulty and so on. As you consider if a Doctorate in Psychology is right for you, take the following factors into account:

Time

A doctorate program in psychology will require a significant commitment of time. Program duration varies by university, program and even what type of degree you’re pursuing, but generally takes four to eight years. PsyD degree programs usually take less time than PhD programs. For example, Alliant’s PsyD in Clinical Psychology program can be completed in as few as four years, while the PhD takes a minimum of five. It’s not uncommon for PhD in Psychology programs to take up to eight years, although our students finish much sooner than that.

Cost

Time aside, earning a doctorate degree also requires a significant financial commitment. Education isn’t free, so any time you choose to pursue a degree, you’re incurring a cost. Fortunately, many PhD in Psychology programs offer a substantial amount of financial aid for their students. Financial assistance comes in many forms – student loan programs, graduate teaching positions, tuition waivers, stipends, as well as grants for conducting research.

Even if the program you’re considering does offer a substantial amount of financial aid, it’s important to consider living expenses. Because of the intensity of a doctoral program in psychology, it’s not always possible for students to work outside of school. So even if the majority of your program costs are covered, you’ll likely be living the life of a college student for the duration of your program.

Competition & Class Size

Doctoral programs tend to admit fewer students, which can be both a Pro and a Con. On the one hand, it means smaller class sizes and student-to-faculty ratio – allowing for a more personalized learning environment with increased one-on-one guidance. On the other hand, this makes for a more selective and therefore more competitive admission process.

A competitive admissions process means it will likely be more difficult for you to get into the program of your choice. With narrower selections, it will be tempting to choose a school that may not fit your interests as well. But remember – it’s important to select a program that is right for your needs and career goals. If you choose a school based on reputation, ranking or financial package as your first priority, it’s likely you will end up in a program that doesn’t match your interests as well – which will make it harder to stick with and find satisfaction in your program.

Career Goals

With any advanced degree, it’s important to consider what your future career prospects are – and how interested you are in those careers. If you want to earn a PhD for the intellectual prestige and money, a doctorate program probably isn’t right for you. Careers in psychology can be lucrative, but the upfront cost is often great. If you’re considering a doctorate because you generally “like to help people,” then a doctorate program probably isn’t right for you either. There are plenty of career opportunities available where you can help people without having to earn a doctorate. And if you’re not interested in a career that doesn’t require a doctoral degree, then a doctorate program definitely isn’t right for you. Earning a doctorate can sometimes overqualify you for positions, so it’s important to know your career aspirations before committing to a program.

However, if you’re interested in conducting research to further the study of psychology, working in academia, or working as a licensed psychologist, a doctorate program is probably right for you.

The Payoff: Career Prospects and Salary

Time, cost and commitment aside, for many students, a Doctorate in Psychology is definitely the right choice for their career goals, and for those people, a doctorate pays off. With a doctorate degree, you will qualify for a greater range of jobs than those who only hold a Master’s – and you’ll have a good shot of landing the job you really want, too. In an analysis of a Doctorate Employment Survey, the APA’s Center for Workforce Studies discovered that 72 percent of responding psychologists at the time secured their first choice for employment after graduate school, with 73 percent finding a job within 3 months of earning their doctorate.

And it’s no surprise that psychology jobs with the highest pay are held by those with a doctorate degree. For example, according to the Society for Industrial and Organization Psychology’s 2012 income and employment survey (the most recent year available), starting salary for I/O psychologists with a doctorate was $81,000 – compared to just $65,000 for those with a Master’s.

With a Doctorate in Psychology, a wide variety of career opportunities are available. Depending on the degree specialty you pursue, you could work as a:

Research psychologist

University professor

Director of community health programs

Clinical psychologist

Counseling psychologist

Health psychologist

Neuropsychologist

Industrial/organizational psychologist

Consultant

For a look at some of the top careers with a bright outlook in psychology, check out the post “5 Fast-Growing Careers in Psychology.” To learn more about the Doctorate in Psychology programs available in Alliant International University’s California School of Professional Psychology, contact us today!